Recession Bargain: Lobsters Are Cheap, Cheap, Cheap

The New York Times says that due to the recession there is a glut of available lobster, which is driving down prices.

Apparently, processing plants in Canada that used to buy the excess lobster have shut down due to the recession — leaving a flood of extra lobster in the market. Prices are down about $3 a pound — but the era of cheap lobster might not last long.

“The lobster fishermen are victims of their own success,” he said, explaining that because they have managed to make lobster fisheries so sustainable, they have recently had record catches.

Until now, the excess catch was funneled to Canadian processing plants, which sold them frozen to chain restaurants. But the bad economy hit the Canadian plants hard enough to shut down operations.

That means cheaper lobsters for you and me — at least temporarily.

“It’s gotten to the point where for the fishermen, it’s not worth their while to catch lobsters, so the supply will decrease,” Mr. Corson said.

So, now’s the time to try out that fancy lobster recipe you’ve been dreaming about.